Using a long term average doesn’t give you the best indication of where we sit, because it includes all that time we sat with heads above the strike price and the euphoria of running into spud and post discovery excitement, however short lived it was. I think there is a good case for heads currently being about 1 cent behind where they should be comparatively. Mid March heads were 8.5c v options 3.5c, during that timeframe there has been a further 4 months of time value decay.
Using a long term average doesn’t give you the best indication...
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